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La crisis reciente de Estados Unidos (2007-2008): redescubriendo la importancia del mercado de "fondos prestables"

Author

Listed:
  • Carlos Esteban Posada
  • Jorge Andr�s Tamayo C.

Abstract

La "sabidur�a convencional" afirma que los temas de crecimiento econ�mico se entienden con modelos cl�sicos, y los de corto plazo (ciclos, etc.) con los keynesianos (o neo-keynesianos). Y, en efecto, la rigidez de precios (de productos o factores) es una caracter�stica de la explicaci�n m�s frecuente de un ciclo, y esto usualmente se considera un rasgo keynesiano. Con todo, las rigideces (transitorias) de precios fueron conocidas y tenidas en cuenta en los an�lisis pre-keynesianos de los ciclos. Varios de estos an�lisis son �tiles para entender la crisis reciente. En lo que sigue se procura utilizar uno de estos (modificado con elementos "post-keynesianos") para explicar la coyuntura actual de Estados Unidos (y la crisis financiera de 2007 - 2008). Dos puntos centrales que pretendemos defender son los siguientes: 1) la causa principal de la crisis y la recesi�n actual fue una pol�tica monetaria excesivamente laxa ejecutada bajo la ilusi�n de que pod�a ser contra-c�clica de manera perfecta, tanto en su intensidad como en su oportunidad; 2) una caracter�stica esencial de la crisis financiera es la p�rdida transitoria de relevancia de la pol�tica monetaria de rutina (la de fijar una cierta tasa de inter�s en el mercado monetario) en tanto que adquieren dominancia el mercado de "fondos prestables" y las condiciones bajo las cuales se ofrecen estos fondos.

Suggested Citation

  • Carlos Esteban Posada & Jorge Andr�s Tamayo C., 2009. "La crisis reciente de Estados Unidos (2007-2008): redescubriendo la importancia del mercado de "fondos prestables"," Borradores de Economia 5388, Banco de la Republica.
    • Handle: RePEc:col:000094:005388
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    References listed on IDEAS

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    More about this item

    Keywords

    Crisis financiera; auge; recesi�n; fondos prestables; restricci�n de cr�dito; pol�tica monetaria.;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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